The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 1 September admitted the insolvency petition filed by Fettech Commercial Enterprises Pvt. Ltd. against Mercury Trade Links Ltd.
A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr VG Venkata Chalapathy observed:
“…we are satisfied that there exists an operational debt of Rs.2,70,00,000/- and that a default has occurred. The debt is due and payable, the demand notice has been served to the CD and no genuine preexisting dispute has been established by the Corporate Debtor.”
Fettech Commercial Enterprises supplied agricultural produce to Mercury Trade Links between April and December 2024. Against total supplies worth Rs. 4.41 crore, Mercury…